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Maple price prediction: what is MPL and is it a good investment?

 


Maple price surged Friday as demand for the decentralized finance (DeFi) ecosystem continued to grow. MPL surged to a high of $61.30, its highest level since April 17. It's up more than 23% since its lowest point this month, taking its total market cap to more than $296 million.


What is Maple and Why is it Rising?

Decentralized Finance (DeFi) is one of the largest sectors in the blockchain industry with assets in excess of $210 billion. This is a significant sum considering the industry didn't exist a few years ago.


Maple is a DeFi platform that offers similar services to other popular networks. It bills itself as the Crypto Capital Market as it provides undercollateralized lending to institutional borrowers. The network receives funds or liquidity from users who want to earn a return and then passes it on to institutions.


According to its website, the network has issued over $1.2 billion worth of coins in loans. Lenders have received over $24.4 million worth of interest on these loans. At the time of writing, it has provided around 82 loans.


Some of the loan pools in Maple Finance are provided by Celcius, BlockTower Capital, Alameda Research, and Orthogonal Trading, among others. Alameda is the company founded by Sam Bankman, the founder of FTX.


Maple price is increasing as the total value set in the protocol has ticked up. According to DeFi Llama, the network is now worth over $82.4 million (TVL) in total. This amount is significantly higher than in March this year.


Maple Price Prediction

Maple price has been in an uptrend for the past few days. It's up more than 22% from its lowest point this month. The coin has moved above the 25-day and 50-day moving averages while the MACD indicator crosses the neutral level. It has also scaled above the key support level at $51.32. This support had not fallen below several times this month.


Therefore, it seems like the bulls are now in control and the coin's price will continue higher as it targets the key resistance at USD 68.88. A drop below the USD 51 support will invalidate the bullish view. Here are more cryptocurrencies to invest in .

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